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Recent News

12/14/2012 - More than seven years after In re WorldCom, Inc. Securities Litigation was settled for over $6.15 billion in 2004 and 2005, an additional $38 million recovery reached between the Lead Plaintiff and WorldCom’s former auditor Arthur Andersen was granted final approval by the Court on December 14, 2012.

12/7/2012 - Barrack, Rodos & Bacine announces that it has filed a class action lawsuit in the United States District Court for the District of Minnesota, Freedman v. St. Jude Medical, Inc., et al., No. 12-03070-RHK-JJG, on behalf of purchasers of common stock of St. Jude Medical, Inc. (NYSE: STJ) during the period from October 17, 2012 through and including November 20, 2012 (the “Class Period”).

11/26/2012 - ExecSense, the world’s largest publisher of professional webinars, eBook, eDocuments and podcasts, has published an article written by BR&B partner, Jeffrey W. Golan, entitled “Corporate Governance Tips for Independent Board Members.” The chapter draws on Jeff’s work and thoughts stemming from various firm cases, including WorldCom, Cendant, Allergan, Synthes and Nvidia, as well as other instances of failed corporate governance at the board level.

10/2/2012 - Barrack, Rodos & Bacine has been named to The National Law Journal’s Plaintiffs’ Hot List for 2012. The NLJ singled out BR&B’s successful trial against Apollo Group, Inc., noting that “the deal required tenacity and a trip to an appeals court.” As we have reported elsewhere, after a Phoenix federal jury in 2008 ruled in favor of the plaintiffs, awarding damages of up to $5.55 per share, the trial judge dismissed the verdict. The U.S. Court of Appeals for the Ninth Circuit, however, reinstated the jury verdict in 2010 and the U.S.

10/2/2012 - U.S. District Judge Denise Cote has preliminarily approved an additional $38 million settlement in In re WorldCom, Inc. Securities Litigation. The WorldCom class action, in which BR&B served as co-lead counsel for Lead Plaintiff the Comptroller of the State of New York State as Trustee for the New York State Common Retirement Fund, was resolved by settlements in 2004 and 2005 with the various defendants in an aggregate settlement amount of approximately $6.15 billion.

7/11/2012 - U.S. District Judge William H. Pauley, III, denied Bank of America Corporation’s motion to dismiss the claims in Pennsylvania Public School Employees’ Retirement System v. Bank of America Corporation that it had violated section 10(b) of the Securities Exchange Act of 1934. The court held that the consolidated complaint filed by the lead plaintiff, BR&B client Pennsylvania Public School Employees’ Retirement System, properly alleges that Bank of America purposefully concealed its reliance on Mortgage Electronic Registration Systems, Inc.

6/11/2012 - Vice Chancellor Laster of the Delaware Chancery Court gave the green light to a derivative action against the members of Allergan Inc.’s Board of Directors. Barrack, Rodos & Bacine, representing co-lead plaintiff Louisiana Municipal Police Employees’ Retirement System, serves as co-lead counsel in the action. BR&B filed this action on behalf of LAMPERS, an Allergan shareholder, after news reports that Allergan had paid a $600 million fine for off-label marketing and promotion of one of its primary products, BOTOX®Therapeutic.

4/27/2012 - The Honorable William K. Sessions, III has appointed a global institutional investor group, which includes BR&B clients the Mississippi Public Employees’ Retirement System and the Employees’ Retirement System of the Government of the Virgin Islands, as lead plaintiff and has appointed BR&B as co-lead counsel in Louisiana Municipal Police Employees’ Retirement System v. Green Mountain Coffee Roasters, Inc., et al., case no. 2:11-cv-289, pending in the United States District Court for the District of Vermont.

4/20/2012 - Barrack Rodos & Bacine announces that on April 20, 2012, Judge James A. Teilborg of the United States District Court for the District of Arizona granted final approval of the $145 million agreement resolving the In re Apollo Group, Inc., Securities Litigation, noting that Class Counsel had obtained “an exceptional result for the class.” The court also commented that “Class Counsel have demonstrated a high degree of competence in the eight years of litigation of this case.”

2/21/2012 - The Honorable Ronald M. Whyte has appointed an institutional investor group including BR&B clients as lead plaintiff and has appointed BR&B as co-lead counsel in In re Omnivision Technologies, Inc. Litigation, Civil Action No. 5:11-cv-05235-RMW, pending in the United States District Court for the Northern District of California.